OPEC president claims high oil prices due to mismanagement of US economy

[cynatnite]

Bush's earlier comments echo remarks he made more than eight years ago, while running for president.

"I would work with our friends in OPEC to convince them to open up the spigot, to increase the supply," Bush said at the time. "Use the capital that my administration will earn, with the Kuwaitis or the Saudis, and convince them to open up the spigot."

But OPEC members are proving difficult to sway. Chakib Khelil, Algeria's oil minister and OPEC's president this year, said Wednesday that the high price of oil was due not to a lack of supplies, but instead resulted from the "mismanagement of the U.S. economy" that has helped send the dollar tumbling.

"If the prices are high, definitely they are not due to a lack of crude," Khelil said in Vienna. "They are due to what's happening in the U.S."

http://www.iht.com/articles/2008/03/06/business/oil.php?page=2

[RB TexLa]

1. That was a stupid statement from him, they can do whatever they want

with the "spigot," they can chose to shut it off for three months if they want. Nothing we can do about it.

[Lost4words]

2. NO! Really?! GAWLLE GEE who woudda thunk!

8643

[JDPriestly]

3. Bush and Congress need to put our money where Bush's mouth is.

"America's got to change its habits; we've got to get off oil," Bush said at a conference on renewable fuels in Washington. "Until we change our habits, there's going to be more dependency on oil."

http://www.iht.com/articles/2008/03/06/business/oil.php?page=1

Instead of a gas tax holiday, we need to spend 50% of the gas tax revenues on alternative energy. And that 50% should be in addition to what we are already spending on alternative energy -- especially large projects to produce wind and solar energy.

[L. Coyote]

4. Correction: They are due to what's happening in the U.S. and due to BIG OIL.

controlling what happens in the US!!

Excess profit is what it is called.

There is no control on how many trillions they can bleed annually from the remainder of the economy!!